Residents of a Country [Tax Residence & Banking]

Residents of a country refer to individuals who have the legal right to reside in a given country.

However, there are a number of nuances that you should be aware of. This is especially true when it comes to international banking or accessing bank services, like an overseas mortgage.

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

  1. Residents of a Country
  2. Residence vs Nationality
  3. Residents vs Citizens
  4. Frequently Asked Questions
  5. Ready to Explore Your Options?

Residents of a Country

Residents of a country are individuals who have been granted the right to reside in a country on a permanent basis. In most countries, there are specific parameters around maintaining permanent residency, most commonly being time in the country. Importantly, permanent residents of a country have the same legal rights as citizens. 

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Residence vs Nationality

The main difference between residence and nationality is that residence refers to the country where you live while nationality refers to your country of citizenship. For example, it is possible to be a national of one country but live in another country as a temporary or permanent resident.

Residents vs Citizens

The main difference between residents and citizens is that residents have the legal right to live and work in a country while citizens are nationals of a country and automatically have the legal right to live and work in a country.

Frequently Asked Questions

Below are three of the most common questions that we receive from people wondering what residents of a country means. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.

What Does Country of Residence Mean?

Country of residence means that a person has the legal right to live in a given country, and does reside in that country. Importantly, individuals can have either temporary residence or permanent residence in a country. Also, one individual can have residency in multiple countries. However, in most cases, only one country can be a country’s tax residency.

Is a Resident the Same as a Citizen?

No, a resident is not the same as a citizen, which is a national of a country. That said, in most countries, permanent residents do have the same legal rights as citizens. Therefore, if someone has legal residency in a country (especially permanent residency) they are often treated the same as a citizen for all intents and purposes.

What Is a Resident of a Country Called?

A resident of a country is either called a temporary resident or a permanent resident. In many instances, being a temporary resident is the first stage of obtaining permanent residence. However, it is also possible to only obtain temporary residency, which may have specific parameters around the amount of time a person can spend in a country.

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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